Before taking any sort of legal action, it is good to question how taking such a step will truly affect you in the long run. For instance, if you are facing serious economic difficulties - whether you reside in California or elsewhere - a Chapter 7 bankruptcy, if approved, can clear out most, if not all, of your debts, giving you a clean financial slate. This leaves some to wonder if this means they will be starting over with nothing.
Why would you spend money on an attorney when you struggle to pay your debts already? It seems like taking a step backwards, but it helps ensure you receive a discharge at the end of the bankruptcy. The process entails deadlines, paperwork and legal requirements that easily induce frustration and stress when attempted alone.
How can so many Americans maintain solid control over many aspects of their financial lives and yet be so helpless before the onslaught of medical debt?
Many people In Orange County and elsewhere who are in dire straits financially end up in that position for reasons starkly unrelated to personal carelessness or base ignorance regarding budgeting matters.
When a person is looking for how to get out of a difficult debt situation, they are often very focused on the here and now. However, when looking at debt relief options, like bankruptcy, it is important to not only look at what such options will do in the short term, but what effects they could possibly have in the future. Understanding both the short-term and long-term ramifications of the different debt relief options one has can be vital to making informed decisions regarding what debt relief option to go with.
Just how big of a problem is predatory lending that specifically targets American military members and their families?
Like other debtors across the country, hard-challenged individuals and families residing in Orange County and elsewhere in Southern California who seek the lawful protections afforded by bankruptcy often invoke those safeguards because they are besieged by multiple creditors.
You may already know that, once you file for bankruptcy -- whether it's Chapter 7, Chapter 13 or Chapter 11 -- an automatic stay is placed on creditor actions while you address your debt problems. That kind of protection is a major benefit provided under bankruptcy law.
We frequently write about how filing for bankruptcy can allow Americans to regain their financial footings. Unfortunately, some bankruptcy filers remain burdened by something commonly referred to as zombie debt. If you were to file for bankruptcy, the debts that you have either paid off or had discharged are supposed to be removed from your current credit record. Because these debts have been taken care of, in one form or another, there is no reason for the debts to be listed as outstanding on your credit report.
Two diametrically opposed schools of thought exist in regards to debt. One school of thought believes that debt can be beneficial when used strategically. The other insists that debt is dangerous and should be avoided. Certainly, many other financial approaches embrace the “middle ground” between these polar opposite extremes. However, it is worth exploring the extremes in order to better evaluate which middle ground solutions may make the most sense for any potential borrower.